Pacific WebWorks Reports 3rd Quarter Profits
November 19 2008 - 9:15AM
Business Wire
Pacific WebWorks, Inc. (OTCBB:PWEB) reported net income from
continuing operations of $39,603 for the quarter ended September
30, 2008. Net income from continuing operations for the nine months
ended September 30, 2008 amounted to $460,862, up from $277,958 for
the like period in 2007. Revenues for the three-month period ended
September 30, 2008 decreased to $1,775,162, down from $$3,185,718
for the three-month period ended September 30, 2007, as the company
continued to recover from the attack of affiliate fraud incurred
earlier in the year. Revenues for the nine-month period ended
September 30, 2008 decreased to $7,351,878, down from $7,996,458
for the same period in 2007. CEO Ken Bell stated, �During the 3rd
quarter of 2008 the company directed a large portion of its time
and attention towards implementing systems to combat the growing
problem of affiliate-generated fraud coming from our online
marketing channels. We have made great progress in this area. We
now employ state-of-the-art analytics along with sporadic personal
purchase verifications to ensure the authenticity of the purchaser
before making any payments to marketing affiliates. While this
resulted in the decrease in revenues we experienced in the 3rd
quarter, we are confident that it will also result in more
profitable revenues moving forward.� Bell concluded, �Having
addressed this pressing issue the company is now prepared to resume
its focus on consistent profitable growth. Our financial condition
and liquidity is strong and we have no long-term debt. We released
two new product offers, including our revolutionary new eSuccess2U
e-mail marketing system, near the end of the 3rd quarter and will
be releasing additional new offers in the coming weeks. About
Pacific WebWorks, Intellipay and TradeWorks Marketing Pacific
WebWorks provides a comprehensive suite of affordable, easy-to-use
software programs for small businesses that want to create, manage,
and maintain an effective Web strategy including full e-commerce
capabilities. Pacific WebWorks' wholly owned subsidiary IntelliPay
develops and provides trusted electronic transaction processing and
payment products and services. Pacific WebWorks' wholly owned
subsidiary TradeWorks Marketing is a sales and marketing
organization created to market Pacific WebWorks and IntelliPay
products. Forward-Looking Statements This press release contains
certain forward-looking statements. Investors are cautioned that
certain statements in this release are "forward-looking statements"
and involve both known and unknown risks, uncertainties and other
factors. Such uncertainties include, among others, certain risks
associated with the operation of the company described above. The
company's actual results could differ materially from expected
results.
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